The Polymesh Portal now has staking functionality! This guide shows you how to use the Polymesh Portal to directly stake POLYX on node operators and earn staking rewards.
The Polymesh Portal now has staking functionality!
You can now stake POLYX on Polymesh directly via the Polymesh Portal staking page: https://portal.polymesh.network/staking.
Staking with the Polymesh Portal lets you take advantage of the benefits of staking directly onchain instead of with an exchange. These include:
Staking directly onchain is also a great way to show support for the network.
And it’s really easy! Learn the steps involved in this how-to guide for staking on the Polymesh Portal.
To access the Polymesh Portal, you’ll need a verified Polymesh account. Becoming verified on Polymesh is a two-step process.
The Polymesh Wallet is a Google Chrome web browser extension that lets you manage your Polymesh accounts and keys, sign transactions, and control your POLYX. It’s also necessary for interacting with Polymesh and Polymesh decentralized apps (dApps).
At this time, you can only use the Polymesh Wallet on the Google Chrome browser or Chromium-supported browsers such as Brave.
Note: If you’re involved with other Substrate-based projects, you may already have a supported wallet that you wish to keep using. In this case, you can skip to Step 2.
Once you have a Polymesh Wallet, you’re ready to onboard.
Onboarding to Polymesh involves verifying your identity with an integrated customer due diligence provider. This is because Polymesh is a public permissioned blockchain purpose-built for regulated industries, where known identity and compliance are essential.
Have your passport or ID ready and head to https://onboarding.polymesh.network/.
Then choose a CDD provider from the menu and follow the steps shown. You’ll be asked to enter your wallet address as well as provide some other information. Applications can take up to several days to be approved. To track your progress, save the page URL and return to the link.
Once you have a verified Polymesh account, you’re ready to use the Polymesh Portal. The Polymesh Portal is an interface where you can easily access Polymesh-supported dApps as well as manage your account, assets, and POLYX.
To use the Portal, head to https://portal.polymesh.network/.
You’ll need to connect your wallet. Either connect the Polymesh Wallet or connect with another wallet that’s supported.
Once you’re in the Polymesh Portal, navigate to the staking page. Click “Staking” in the left-hand navigation bar, or go to https://portal.polymesh.network/staking.
The Staking Page shows essential information about the account you’re staking with, current nominations, and more.
To stake POLYX, click on the “Stake” button. A pop-up window will appear.
The pop-up window lets you set your staking preferences. Select the account you’d like to stake from and enter the amount of POLYX you’d like to stake. Then, select the node operators you’d like to nominate from the drop-down list.
Once you fill in all the details, review your staking request and click the “Stake” button to start staking. Note that changes to staking take up to 1 day, and the unbonding period should you wish to un-stake your POLYX is 28 days.
You’ll be prompted to sign the transaction with the Polymesh Wallet (or whatever wallet you connected with in Step 1).
Note there is a network transaction fee involved in executing actions on the blockchain, including staking.
Earn staking rewards in the form of POLYX when one or more node operators you have nominated validate transactions via the block-writing operating pool. Your total staking pool will be distributed across these active operators. Only the top 2,048 stakers per node operator will receive rewards.
Staking on Polymesh is a critical component of the network’s consensus mechanism, nominated proof of stake. By staking POLYX on Polymesh node operators, you directly contribute to the network’s security and operations. To learn more about staking on Polymesh, visit https://polymesh.network/staking.
The Polymesh Portal is the easiest way to stake directly onchain. For more help with staking on the Polymesh Portal, visit https://community.polymesh.live/hc/en-us/articles/12131464556060-How-to-stake-on-the-Polymesh-Portal.